• Lufkin Industries (NASDAQ:LUFK) said it had concluded an Asset Purchase Agreement to purchase virtually all the assets of Quinn’s Oilfield Supply Ltd for around $303 million

• Shares of exploration company Sunoco Inc. (NYSE:SUN) gained 5.32% after the company announced its decision to sell off its refinery businesses and concentrate on the gasoline retail segment

• Shipping box maker Temple Inland, Inc.’s (NYSE:TIN) share prices advanced 25.25% to close at $30.85 a share after International Paper Co. (NYSE:IP) increased its offer price for the company

• Shares of the banking sector declined and closed in the red after the cost of insuring bank debt rose substantially. Following this development, share prices of Credit Suisse (NYSE:CS), Royal Bank of Scotland (NYSE:RBS) and Bank of America (NYSE:BAC) fell 12.93%, 12.74% and 3.59% respectively

• Analysts at Robert W. Baird & Co. slashed the price estimate of crane manufacturer Manitowec Co, Inc. (NYSE:MTW). Following the downgrade, shares of the company fell 4.25%

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